Patria Investments : 2026 1Q Earnings Presentation

Published: 2026-05-07 06:16:44 ET PAX

Published on 05/07/2026 at 06:16 am EDT

May 7, 2026

PATRIA INVESTMENTS (NASDAQ: PAX)

1Q26

Earnings Presentation

Patria Reports First Quarter 2026 Results

Conference Call

Patria will host its first quarter 2026 investor conference call via public webcast on

May 7, 2026, at 9:00 a.m. ET.

To register, please use the following link: https://edge.media-server.com/mmc/ p/6u8sf7vo

For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Patria's website at https://ir.patria.com/

Shareholder Relations Contact

[email protected]

T: +1 917 769 1611

May 7, 2026 - Patria Investments Limited (NASDAQ: PAX) today reported its unaudited results for the first quarter ended March 31, 2026

Dividends

Patria declared a quarterly dividend

$0.1625 per share payable to record holders of common stock as of the close of business on May 18, 2026. This dividend will be paid on June 11, 2026.

About Patria

Patria is a global alternative asset management firm focused on the mid-market segment, specializing in resilient sectors across select regions. We are a leading asset manager in Latin America and have a strong presence in Europe through our extensive network of General Partners relationships. Our on-the-ground presence combines investment leaders, sector experts, company managers, and strategic relationships, allowing us to identify compelling investment opportunities accessible only to those with local proficiency. With over 37 years of experience and more than $59 billion in assets under management, we believe we consistently deliver attractive returns through long-term investments, while promoting inclusive and sustainable development in the regions where we operate. Further information is available at www.patria.com

Asset Classes

Infrastructure, Credit, Real Estate, Private Equity, Solutions (GPMS), and Public Equities

Main sectors

Agribusiness, Power G Energy, Healthcare, Logistics G Transportations, Food G Beverage and Digital G Tech Services

Investment Regions

Latin America, Europe and the U.S.

Patria's First Quarter IFRS Results

IFRS Net Income attributable to Patria was $2.3 million for 1Q26

(US$ in millions)

1Q25

4Q25

1Q26

Revenue from management fees

78.1

90.8

96.1

Revenue from incentive fees

0.3

11.3

Revenue from performance fees (1)

0.8

30.4

Revenue from advisory and other ancillary fees

2.0

2.9

3.5

Taxes on revenue (2)

(1.5)

(2.3)

(2.6)

Revenue from services

79.6

133.2

97.1

Personnel expenses (3)

(29.1)

(55.5)

(46.9)

Deferred Consideration (4)

(0.7)

(1.5)

(1.4)

Amortization of intangible assets

(9.9)

(10.0)

(9.3)

Carried interest allocation

(10.6)

General and Administrative expenses

(12.0)

(7.5)

(15.0)

Other income/(expenses) (5) *

(1.0)

1.2

1.1

Share of equity-accounted earnings (6)

0.2

Net financial income/(expense) (7) *

(12.2)

(11.3)

(16.4)

Income before income tax

14.6

38.1

9.2

Income and other related tax (8)

2.0

(2.5)

(4.6)

Net income for the period

16.6

35.6

4.6

Attributable to:

Shareholders of the Parent

15.7

34.5

2.3

Non-controlling interests (9)

0.9

1.1

2.3

Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document.

*A reclassification was performed from Other income/(expense) to Net financial income/(expense) for unwinding expenses on acquisition payables with no impact on net income for the period.

PAX 1Q26 Earnings Presentation

Message from Patria's CEO

- Alex Saigh

"We delivered a strong start to 2026, driven by continued fundraising momentum, meaningful growth in Fee-Earning AUM, and consistent investment performance across our platform," said Alex Saigh, Chief Executive Officer of Patria. "We raised $2.1 billion in the quarter, grew Fee-Earning AUM to nearly $46 billion, and delivered 19%

year-over-year growth in Fee Related Earnings, keeping us firmly on track to achieve our full year objectives. With increasing global and local investor engagement, a strengthened balance sheet following our inaugural bond issuance, and a highly diversified, long duration asset base, we believe Patria is exceptionally well positioned to capture the opportunities ahead."

PAX 1Q26 Earnings Presentation

Patria's

First Quarter 2026 Summary

PAX 1Q26 Earnings Presentation

Patria's First Quarter 2026 Summary

Financial Measures

Management fees of $95.2 million in 1Q26 , up 21% compared to 1Q25

Fee Related Earnings ("FRE") of $50.5 million in 1Q26 , up 19% versus 1Q25 . On a per share basis, FRE in 1Q26 reached $0.32, up 18% year over year

FRE Margin of 54.6% in 1Q26

Distributable Earnings ("DE") per share of $0.27 in 1Q26 up 14% versus 1Q25 .

Key Business Metrics

Total Assets Under Management ("AUM") of $59.3 billion as of quarter end, up 29% from 1Q25

Fee Earning AUM ("FEAUM") of $45.8 billion, up 31% from 1Q25

Total Fundraising of $2.1billion in 1Q26 and $6.6 billion over the LTM

Total Deployment in drawdown funds of $0.8 billion in 1Q26 and $2.8 billion over the LTM

Net Accrued Performance Fees of $281 million as of March 31, 2026, or $1.77 per share

Pending FEAUM of $3.3 billion as of quarter end

Corporate Actions & Recent Developments

See notes and definitions at end of document

Declared quarterly dividend of $0.1625 per common share payable on June 11, 2026

Closed on the acquisitions of 51% of Solis and 100% of RBR Gestão which added $3.1 billion and $1.3 billion of FEAUM, respectively

Repurchased 893 thousand shares in the open market for $12.7 million dollars in addition to 840 thousand shares repurchased through the initial implementation of a new Total Return Swap ("TRS") for a total of 1.5 million shares completed in 2Q26

Subsequent to quarter end:

Closed on the acquisition of WP Global Partners, a U.S. based middle-market PE solutions provider with $1.8bn of FEAUM

Issued $350 million of fixed-rate, long-term debt with maturities ranging from 5-10 years and coupons from 6.0%-to-6.6%.

Patria's First Quarter 2026 Earnings

Distributable Earnings ("DE") of $42.4 million in 1Q26

(US$ in millions)

1Q25

4Q25

1Q26

% Δ (1Q25 vs. 1Q26)

% Δ (4Q25 vs. 1Q26)

Management Fees

78.7

92.0

95.2

21%

(+) Incentive Fees

0.3

11.3

(+) Other Fee Revenues

2.0

2.9

3.3

(-) Taxes on Revenues (1)

(1.5)

(2.1)

(2.3)

(-) Rebates

(2.2)

(3.1)

(3.7)

Total Fee Revenues

77.3

101.0

92.6

20%

(8)%

(-) Personnel Expenses

(22.1)

(24.8)

(26.8)

21%

(-) General and Administrative Expenses

(11.9)

(11.3)

(14.7)

30%

(-) Placement Fees Amortization and Rebates (2)

(0.7)

(0.5)

(23)%

(19)%

Fee Related Earnings (FRE)

42.6

64.3

50.5

19%

(21)%

FRE Margin (%)

55.1%

63.6%

54.6%

Realized Performance Fees (After-Tax)

0.8

30.2

(-) Carried interest allocation and bonuses (3)

(10.6)

Performance Related Earnings (PRE)

0.8

19.6

(+) Net financial income/(expense) (4)

(2.8)

(1.8)

(3.3)

Pre-Tax Distributable Earnings

40.6

81.9

47.2

16%

(42)%

(-) Income and other related tax (5)

(3.7)

(3.5)

(4.9)

31%

40%

Distributable Earnings (DE)

36.9

78.5

42.4

15%

(46)%

DE per Share

0.23

0.50

0.27

14%

(46)%

Shares Outstanding

158.1

158.0

159.1

Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document for Patria's non-GAAP Income Statement. Results for the partnership with Bancolombia

are reflected on a proportional consolidation basis to include Patria's 51% ownership stake on each line item. In the IFRS Income Statement, results are fully consolidated on each line item and adjusted by non-controlling interest. 8

Fee Related Earnings ("FRE")

Highlights for the quarter

Sequential and year-over-year increase in Management Fees reflects higher FEAUM driven mainly by organic net inflows, positive investment returns, and the closing of the Solis and RBR acquisitions in the quarter, partially offset by a lower management fee rate due to mix

Personnel and GGA expenses totaled approximately $41 million in the quarter, up 15% sequentially and 22% year-over-year mainly driven by acquisitions, FX, and ongoing investments in the business

Year-over-year increase in FRE of 19% reflects higher fee revenues partially offset by lower FRE margin. Sequential decrease in FRE vs. 4Q25 reflects mainly the absence of seasonal incentive fees and higher expenses partially offset by higher management fee revenues

(US$ in millions)

1Q25

4Q25

1Q26

% Δ (1Q25 vs. 1Q26)

% Δ (4Q25 vs. 1Q26)

Management Fees

78.7

92.0

95.2

21%

(+) Incentive Fees

0.3

11.3

(+) Other Fee Revenues

2.0

2.9

3.3

(-) Taxes on Revenues (1)

(1.5)

(2.1)

(2.3)

(-) Rebates

(2.2)

(3.1)

(3.7)

Total Fee Revenues

77.3

101.0

92.6

20%

(8)%

(-) Personnel Expenses

(22.1)

(24.8)

(26.8)

21%

(-) General and Administrative Expenses

(11.9)

(11.3)

(14.7)

30%

(-) Placement Fees Amortization and Rebates (2)

(0.7)

(0.5)

(23)%

(19)%

Fee Related Earnings (FRE)

42.6

64.3

50.5

19%

(21)%

FRE Margin (%)

55.1%

63.6%

54.6%

Net Accrued Performance Fees for Drawdown Funds

Net Accrued Performance Fees of $281 million or $1.77 per share on March 31, 2026

Net Accrued Performance Fees increased in the quarter mainly driven by the share price of listed companies in PE Fund VI and appreciation of local currencies vs. the USD

Other Net Accrued Performance Fees includes both Growth and Venture strategies

Net Accrued Performance Fees

(USD in millions)

27 - 3 1 281

1Q26 Composition by Fund

IS V Others1

368

249

IS III

12 13

US$

281

1Q25

4Q25 PE VI

IS III

IS V

Others2 1Q26

EoP FX US$/BRL

$5.74

EoP FX US$/BRL

$5.50

(2019)

(2013)

(2023)

EoP FX US$/BRL

$5.22

237

PE VI

See notes and definitions at end of document. Totals may not add due to rounding. 10

Fundraising

Highlights for the quarter

Credit included $322 million in various High Yield strategies and over $260 million raised through Brazilian CLO's

Both Private Equity and Infrastructure benefited from additional co-investment commitments

GPMS benefited from $139 million of commitments to new co-investment drawdown fund PCPF - Patria Co-investments Partnership Fund, which continues to fundraise

(US$ in millions)

Private Equity

Infrastructure

Credit

Public Equities

Real Estate

GPMS

Total

1Q25

229

896

832

1,161

3,173

2Q25

330

346

232

254

1,266

3Q25

612

396

109

240

1,531

4Q25

415

274

144

523

324

1,695

2025

365

2,253

1,848

316

905

1,978

7,666

1Q26

275

547

926

267

2,143

See notes and definitions at end of document. Totals may not add due to rounding. 11

9.1

10.8

1.6

3.3

4.6

US$

49.5

2.9

US$

9.8

12.6

9.5

4.2

0.4

0.5

1.2

US$

3.3

0.2

0.20.1

Total Assets Under Management

LTM growth in AUM was driven by organic capital inflows of

$6.6 billion, a positive valuation impact of $2.9 billion as well as a positive impact from USD depreciation vs other currencies, and $4.9 billion from acquisitions, offset by outflows of $(4.2) billion -which included $(2.8) billion of divestments and distributions

Pending FEAUM rose 17% from

$2.9 billion in 4Q25

+29%

13.1

2.0

6.2

7.4

6.7

10.4

$45.8bn

14.1

2.9

9.9

12.8

8.8

10.7

$59.3bn

1Q25 1Q26

Pending FEAUM represents AUM available for future deployment that could generate management fees if deployed. See notes and definitions at end of document. Totals may not add due to rounding. 12

Fee Earning Assets Under Management

Fee Earning AUM (FEAUM) of $45.8 billion in 1Q26 were up 31% versus the prior year driven by organic capital inflows of $5.6 billion, a positive valuation impact of $2.7

+31%

11.5

11.0

2.0

2.8

5.8

9.4

7.2

3.6

5.4

12.4

4.2

5.4

35.0

$45.8bn

16%

25%

US$

95.2

16%

15%

23%

billion, $4.9 billion of acquisitions,

and FX impact of $1.6 billion, partially offset by $(2.5) billion of divestments and distributions, $(1.2) billion of redemptions, and $(291) million of fund step-downs

Management Fees of $95.2 million in 1Q26 were up 21% compared to 1Q25 mainly driven by the higher FEAUM, partially offset by a lower fee rate due to mix

$ bn

1Q25 1Q26

See notes and definitions at end of document. Totals may not add due to rounding. 13

Key Fee Characteristics By Investment Vertical

Private Equity

$ 5.4 bn

100%

Drawdown Funds

Deployed Capital at Cost

n.a.

Long-dated G Illiquid

89% | 11%

1.78%

Infrastructure

$ 4.2 bn

92%

Drawdown Funds

Hybrid: Committed/ Deployed at Cost

n.a.

Long-dated G Illiquid

77% | 23%

1.43%

Infrastructure Core

NAV

Daily

Permanent Capital

0% | 100%

64%

Interval Funds

NAV

Daily

Periodic/Limited Liquidity

69% | 31%

Credit

$ 12.4 bn

23%

Open Funds

NAV

Daily

Periodic

14% | 86%

0.72%

13%

Drawdown Funds

NAV

Quarterly

Long-dated G Illiquid

8% | 92%

Real Estate

$ 9.4 bn

92%

REITs

Market Value/NAV

Daily/Monthly

Permanent Capital

0% | 100%

0.72%

Drawdown Funds

NAV

Quarterly

Long-dated G Illiquid

27% | 73%

43%

SMAs

Hybrid: Varies by Account

Quarterly

Long-dated G Illiquid

0% | 100%

Public Equities

$ 2.8 bn

32%

Interval Funds

NAV

Daily

Periodic/Limited Liquidity

0% | 100%

0.68%

25%

Open Funds

NAV

Daily

Periodic

12% | 88%

39%

SMAs

Hybrid: Varies by Account

Quarterly

Long-dated G Illiquid

100% | 0%

GPMS

$ 11.5 bn

25%

Drawdown Funds

NAV

Quarterly

Long-dated G Illiquid

100% | 0%

0.52%

21%

Open Funds

NAV

Daily

Periodic

76% | 24%

15%

Permanent

NAV

Quarterly

Permanent Capital

100% | 0%

Note: Currency Exposure Hard / Soft (%) reflects the percentage of FEAUM exposed to each classification of currency. Soft currency exposures include vehicles which are either denominated in a soft (i.e. local) currency or have management fee exposure through the underlying investments where fees are charged on net asset value. Effective Management Fee Rate reflects the LTM management fee revenue divided by the average FEAUM for the past 12 months. Real Estate Effective Mgmt. Fee Rate includes the proforma impact of 100% of VBI and the Bancolombia initiative which is effective at Patria's 50% and 51% ownership levels, respectively. Periodic liquidity for open funds refers to funds which investors can redeem shares in a short period, including but not

limited to weekly and monthly; and for Interval Funds refers to funds which investors can only redeem shares at specific intervals, such as quarterly, semi-annually or yearly. 14

Total AUM Roll Forward

Private Equity

Infrastructure

Credit

Public Equities

Real Estate

GPMS

Total

AUM 4Q25

10,482

8,033

8,777

2,795

8,366

14,156

52,609

Acquisitions

3,068

1,216

4,284

Inflows

275

547

926

267

2,143

Realizations G Dividends

(178)

(36)

(141)

(16)

(165)

(142)

(678)

Redemptions

(203)

(78)

(38)

(159)

(478)

Valuation Impact

(110)

(31)

385

165

105

605

405

379

(10)

372

(120)

1,068

Funds Capital Variation

(153)

(111)

(15)

(7)

(273)

AUM 1Q26

10,720

8,782

12,837

2,948

9,885

14,107

59,279

Private Equity

Infrastructure

Credit

Public Equities

Real Estate

GPMS

Total

AUM 1Q25

10,414

6,683

7,403

2,017

6,220

13,107

45,843

Acquisitions

3,075

1,829

4,904

Inflows

411

1,904

1,941

393

901

1,085

6,635

Realizations G Dividends

(771)

(524)

(270)

(21)

(450)

(740)

(2,776)

Redemptions

(56)

(461)

(417)

(59)

(424)

(1,418)

Valuation Impact

(139)

849

805

728

523

2,855

935

442

272

171

731

366

2,917

Funds Capital Variation

(74)

188

(13)

190

318

AUM 1Q26

10,720

8,782

12,837

2,948

9,885

14,107

59,279

See notes and definitions at end of document. Totals may not add due to rounding. 15

Total FEAUM Roll Forward

Private Equity

Infrastructure

Credit

Public Equities

Real Estate

GPMS

Total

FEAUM 4Q25

5,553

4,271

8,586

2,698

7,848

11,854

40,810

Acquisitions

3,068

1,253

4,321

Inflows

761

247

1,294

Realizations G Dividends

(194)

(226)

(92)

(100)

(97)

(709)

Redemptions

(203)

(78)

(38)

(115)

(434)

Valuation Impact

184

142

(86)

336

FX and Other

125

(8)

272

(90)

376

Change in fee basis

(236)

FEAUM 1Q26

5,423

4,176

12,430

2,842

9,411

11,476

45,758

Private Equity

Infrastructure

Credit

Public Equities

Real Estate

GPMS

Total

FEAUM 1Q25

5,444

3,624

7,164

1,966

5,826

10,960

34,984

Acquisitions

3,078

1,844

4,922

Inflows

114

1,000

1,833

349

698

1,561

5,555

Realizations G Dividends

(194)

(515)

(214)

(5)

(379)

(1,217)

(2,525)

Redemptions

(458)

(418)

(38)

(302)

(1,216)

Valuation Impact

(2)

761

779

761

356

2,689

FX and Other

266

171

698

354

1,639

Change in fee basis

(54)

(236)

(291)

FEAUM 1Q26

5,423

4,176

12,430

2,842

9,411

11,476

45,758

See notes and definitions at end of document. Totals may not add due to rounding. 16

Investment Performance - Drawdown Funds (1/2)

(in Thousands, Except Where Noted) Committed Capital

Deployed

+ Reserved

Total

Invested

Unrealized

Investments

Realized

Investments

Total Value

Total (USD)

Value (USD)

Value Gros

(USD) (U

Net Returns

Net IRR

Benckmark²

(USD)

(BRL/CLP)

(USD)

s MOIC SD)

Private Equity

PE I (1997)

234,000

Divested

163,812

278,480

1.7x

-2%

PE II (2003)

50,000

Divested

51,648

1,053,625

20.4x

92%

75%

-1%

PE III (2007)

571,596

Divested

616,657

1,194,187

1.9x

19%

PE IV (2011)

1,270,853

113%

1,247,809

690,068

287,708

977,776

0.8x

-6%

-1%

-6%

PE V (2015)

1,807,389

125%

1,802,151

2,344,694

866,158

3,210,851

1.8x

11%

PE VI (2019)

2,689,666

117%

2,289,993

4,409,487

67,781

4,477,268

2.0x

13%

PE VII (2022)1

1,852,241

115%

700,902

882,101

1.3x

Total Private Equity

8,475,745

6,872,971

8,326,349

3,747,940

12,074,289

1.8x

12%

Private Equity 20-year

8,241,745

6,709,160

8,326,349

3,469,460

11,795,809

1.8x

11%

13%

Growth Capital

Payara (2019)

83,165

100%

74,588

144,781

6,282

151,063

2.0x

13%

16%

Growth II (2022)

89,244

100%

63,375

67,441

16,592

84,034

1.3x

n/m

n.a.

Total Growth Capital

172,409

137,963

212,222

22,874

235,096

1.7x

13%

16%

Venture Capital

Igah III (2020)

110,731

100%

198,650

17,810

216,459

1.1x

17%

16%

11%

Igah IV (2023)

45,987

100%

5,747

1.0x

n/m

n.a.

Total Venture Capital

156,718

204,396

17,810

222,206

1.1x

17%

16%

Total High Growth (Growth + Venture 329,126

342,359

416,618

40,684

457,302

1.3x

16%

15%

Capital)

PIPE

Moneda PIPE I (2025)

120,000

71%

25,000

1.0x

n/m

n.a.

Total Public Equities

120,000

25,000

1.0x

n/m

Note: Private Equity and PIPE net returns presented as 'n/m' for the fund's which first deployment of capital date is less than 36 months prior to the period indicated. For High Growth funds, net returns presented only for mature vintages.

(1) As of end of 1Q26, PE VII committed capital include all specific co-investment and side car vehicles, including non fee paying commitments. Excluding non fee paying co-investments commitments, PE VII committed capital would be US$ 1,752M. Gross MOIC and Net Returns only reflect returns on primary funds and fee-paying co-invests. (2) Benchmarks: Private Equity funds: Burgiss LatAm as of 3Q25 (latest available); High Growth funds: MSCI Global as of 4Q25

(latest available). 17

Investment Performance - Drawdown Funds (2/2)

Committed

Capital

Deployed

+ Reserved

Total

Invested

Unrealized

Investments

Realized

Investments

Total Value

Net Returns

Total

Value

Gross MOIC

Net IRR

Benckmark3

(USD)

(BRL/CLP)

(USD)

Infrastructure

Infra II (2010)

1,154,385

103%

997,679

161,476

956,470

1,117,946

1.1x

-1%

Infra III (2013)

1,676,237

104%

1,306,477

280,458

2,734,637

3,015,095

2.3x

11%

19%

Infra IV (2018)

1,941,000

116%

1,530,982

2,070,592

29,150

2,099,742

1.4x

Infra V (2023) 1

3,439,853

110%

985,996

1,160,276

1,160,288

1.2x

n/m

n.a.

Total Infrastructure

8,211,475

4,821,134

3,672,802

3,720,269

7,393,071

1.5x

13%

Infrastructure 3 latest vintages

7,057,090

3,823,455

3,511,326

2,763,799

6,275,125

1.6x

10%

15%

GPMS²

SOF I (2014)

189,900

Divested

182,502

4,433

243,204

247,636

1.4x

n/m

10%

SOF II (2014)

291,100

Divested

307,971

420,355

1.4x

14%

n/m

12%

SOF III (2017)

427,500

123%

459,032

195,839

633,391

829,230

1.8x

18%

n/m

11%

SOF IV (2020)

406,100

116%

383,972

458,909

185,041

643,951

1.7x

26%

n/m

17%

Total GPMS

1,314,600

1,309,800

610,800

1,437,600

2,048,400

1.6x

16%

n/m

Private Credit

PCF I (2024)

214,066

78%

148,889

157,768

50,212

207,980

1.4x

n/m

n.a.

Total Private Credit

214,066

148,889

157,768

50,212

207,980

1.4x

n/m

(in Thousands, Except Where Noted)

Note: Infrastructure Net returns presented as 'n/m' for the fund's which first deployment of capital date is less than 36 months prior to the period indicated. (1) As of end of 4Q25, IS V committed capital include all specific co-investment and side car vehicles, including non fee paying commitments. Excluding non fee paying co-investments commitments, IS V committed capital would be US$ 2,014M. Gross MOIC and Net Returns only reflect returns on primary funds and fee-paying co-invests. (2) As of 3Q25. (3) Benchmarks for Infrastructure funds: Dow Jones Global Infra of 1Q26; for GPMS funds: MSCI World as of 3Q25 (latest available).

Investment Performance - Permanent Capital, Interval & Open Funds (1/2)

Real Estate

467 bps

Benchmark: IFIX 3% 17% 12% 6% 10%

618 bps

Benchmark: IFIX 3% 17% 12% 6% 8%

-395 bps

Benchmark: IFIX 3% 17% 12% 6% 7%

241 bps

Benchmark: IFIX 3% 17% 12% 6% -%

241 bps

Benchmark: IFIX 3% 17% 12% 6% 7%

511 bps

Benchmark: IFIX 3% 17% 12% 6% 6%

311 bps

Benchmark: IFIX 3% 17% 12% 6% -%

617 bps

Benchmark: IFIX 3% 17% 12% 6% 7%

-90 bps

Benchmark: IFIX 3% 17% 12% 6% 4%

-15 bps

Benchmark: IFIX 3% 17% 12% -% 8%

972 bps

Benchmark: IPC 4% 6% 6% 8% 5%

Infrastructure Core2

Benchmark: NTN-B 2035 Net Return (Mark to

741 bps

Market) 1% 11% 7% - 5%

Benchmark: NTN-B 2035 Net Return (Mark to

660 bps

Market) 1% 11% 7% 5% 4%

Note: Patria will report investment performance of primary strategies for REITS. Market based return including dividend reinvestment. (1) IFIX launched on December 30th, 2010. For funds started prior to the index, the excess return presented is

calculated from the beginning of the index. (2) Infrastructure Core returns calculated based on NAV. 19

Investment Performance - Permanent Capital, Interval & Open Funds (2/2)

Credit Latam

364 bps

CEMBI Broad Div Latam HY 1% 7% 11% 6% 7%

USD

1.181

CLP

1.674

BRL

GBI Broad Div Latam 2% 23% 10% 8% 4%

Chilean Fixed Income Index 2% 8% 8% 7% 7%

Credit Brazil

Benchmark: CDI 15% 15% 13% - 13%

Benchmark: CDI 15% 15% 13% 12% 9%

Benchmark: CDI 15% 15% n/m n/m 13%

Public Equities Latam

Benchmark: MSCI EM Latam SC USD Net USD

296 bps

8% 40% 13% 7% 1%

-50 bps

Benchmark: MSCI Latam 10/40 Net USD 15% 58% 19% 13% 9%

Public Equities Chile

Benchmark: MSCI Chile Small Cap Net

762 bps

(2%) 22% 23% 15% 9%

131 bps

Benchmark: IPSA Index 2% 39% 26% 17% 5%

Public Equities Brazil

BRL

GBP

1.963

Benchmark: IPCA+Yield IMA-B 3% 12% 12% 12% 13%

Benchmark: Ibovespa Index 16% 44% - - 43%

GPMS

Benchmark: FTSE All-Share Index 6% 24% 14% 12% 6%

Note: Includes composite investment performance, and where relevant, a weighted composite of underlying benchmarks. Returns as of March 31, 2026 for Credit and Public Equities and December 31 2025 for GPMS. (1) GPMS returns calculated based on NAV. 20

Share Summary

(US$ in millions)

1Q25(1)

2Q25(2)

3Q25(3)

4Q25(4)

1Q26(5)

Class A Common Shares

65,129,962

66,521,566

65,021,566

65,023,122

66,108,288

Class B Common Shares

92,945,430

Total Shares Outstanding

158,075,392

159,466,996

157,966,996

157,968,552

159,053,718

159,528,153

474,435

(1) 3,670,392 shares issued related to consideration for M&A activity and 818,832 shares issued related to personnel compensation; (2) 1,391,604 shares issued related to personnel compensation. (3) Reduced by 1,500,000 shares related to total return swap (4) 1,556 shares issued related to personnel compensation in 4Q25 and 1,074,339 shares issued related to consideration for M&A activity (5) Reduced by 1,500,000 shares related to total return swap (840,129 executed in Q1'26 and 659,871 executed in Apr'26) and 892,874 share repurchased in the open market offset by 2,827,645 millions shares issued related to personnel compensation and 1,124,830 shares issued related to M&A activity.

Note: Qualified dividend under the provisions of The Jobs and Growth Tax Relief Reconciliation Act of 2003

PAX 1Q26 Earnings Presentation

Reconciliations & Disclosures

Currently Contracted and Already Incurred Liabilities and Share Repurchase Expenses ('26-'28)

Excludes Cash Generation from Distributable Earnings and Payment of Dividends from 2026-2028

When including contributions from Distributable Earnings ('26-'28), we expect to have ample free cash flow to cover contracted liabilities, future dividend payments, fund incremental share buybacks and reinvest in the business

(US$ in millions)

2026

2027

2028

2026-2028

Beginning Balance Cash G Equivalents

69.5

5.3

(134.4)

69.5

(-) Consideration payable on announced acquisitions (1)

(188.7)

(83.7)

(15.1)

(287.5)

(-) Current value of performance based contingent payments from acquisitions (2)

(16.1)

(37.7)

(53.8)

(-) Share repurchases (Total Return Swap and Direct Share Repurchase) (3)

(34.5)

(18.3)

(52.8)

(+) Debt offering

350.0

(-) 2025 Non-Current Loans Balance

(174.9)

End of Period Cash G Equivalents (Before Cash Inflows From Operations)

5.3

(134.4)

(149.5)

→ Excludes cash generation from Distributable Earnings and payment of Dividends from 2026-2028

Notes: (1) Contracted payments on previously completed acquisitions including Solis, RBR and WP; (2) Includes potential earn-outs and other deferral consideration payments from acquisitions subject to change according to the terms of underlying acquisition contracts. As of 31-Dec-2025 (20-F); (3) Cost of already executed open market share repurchases and expected payments to settle executed TRS transactions 23

Patria's Earnings - 5 Quarter View

(US$ in millions)

1Q25

2Q25

3Q25

4Q25

1Q26

Management Fees

78.8

81.0

87.0

92.0

95.2

(+) Incentive Fees

0.3

2.3

0.2

11.3

(+) Other Fee Revenues

2.0

2.3

2.5

2.9

3.3

(-) Taxes on Revenues (1)

(1.5)

(1.8)

(2.1)

(2.3)

(-) Rebates

(2.2)

(2.7)

(3.3)

(3.1)

(3.7)

Total Fee Revenues

77.3

81.1

84.6

101.0

92.6

(-) Personnel Expenses

(22.1)

(22.6)

(22.3)

(24.8)

(26.8)

(-) Administrative Expenses

(11.9)

(11.7)

(12.1)

(11.2)

(14.7)

(-) Placement Fees Amortization (2)

(0.7)

(0.5)

Fee Related Earnings (FRE)

42.6

46.1

49.5

64.3

50.5

FRE Margin (%)

55.1%

56.8%

58.5%

63.7%

54.6%

Realized Performance Fees (After-Tax)

0.8

30.2

(-) Carried interest allocation and bonuses (3)

(10.6)

Performance Related Earnings (PRE)

0.8

19.6

(+) Net financial income/(expense) (4)

(2.9)

(4.0)

(1.0)

(1.8)

(3.3)

Pre-Tax Distributable Earnings

40.5

42.2

48.5

82.0

47.2

(-) Income and other related tax (5)

(3.7)

(3.4)

(1.6)

(3.5)

(4.9)

Distributable Earnings (DE)

36.8

38.8

46.9

78.5

42.4

DE per Share

0.23

0.24

0.30

0.50

0.27

Shares Outstanding

158.1

159.5

158.0

159.1

Additional Metrics

Total Assets Under Management

45,843

48,713

51,219

52,609

59,279

Fee-Earning Assets Under Management

34,984

37,207

38,826

40,810

45,758

FY 2023

FY 2024

FY 2025

245.6

292.4

338.7

4.1

13.8

14.0

2.7

10.4

9.6

(5.0)

(6.5)

(7.1)

(6.5)

(9.3)

(11.2)

240.9

300.8

344.0

(60.0)

(82.4)

(91.7)

(31.4)

(45.6)

(47.1)

(1.9)

(2.7)

147.7

170.1

202.5

61.3%

56.5%

58.9%

72.7

62.3

31.0

(25.3)

(20.9)

(10.6)

47.5

41.4

20.3

0.8

(9.2)

(9.7)

195.9

202.3

213.1

(9.6)

(13.1)

(12.2)

186.3

189.2

200.9

1.26

1.24

1.27

Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document. 24

Reconciliation of IFRS to Non-GAAP Measures

FY 2023

FY 2024

FY 2025

245.6

292.4

338.7

4.1

13.8

14.0

2.7

10.4

9.6

(5.0)

(6.5)

(7.1)

(6.5)

(9.3)

(11.2)

240.9

300.8

344.0

(60.0)

(82.4)

(91.7)

(31.4)

(45.6)

(47.1)

(1.9)

(2.7)

147.7

170.1

202.5

72.7

62.3

31.0

(25.3)

(20.9)

(10.6)

47.5

41.4

20.3

0.8

(9.2)

(9.7)

195.9

202.3

213.1

(9.6)

(13.1)

(12.2)

186.3

189.2

200.9

13.4

1.2

14.8

(19.3)

(25.1)

(35.0)

(14.7)

(20.2)

(38.0)

(14.3)

(31.9)

(14.2)

(12.3)

(36.3)

(38.8)

(14.9)

1.1

4.9

(7.3)

(1.1)

(4.2)

1.4

(4.9)

(4.8)

118.4

71.9

85.6

(US$ in millions)

1Q25

2Q25

3Q25

4Q25

1Q26

Management Fees

78.8

81.0

87.0

92.0

95.2

(+) Incentive Fees

0.3

2.3

0.2

11.3

(+) Other Fee Revenues

2.0

2.3

2.5

2.9

3.3

(-) Taxes on Revenues

(1.5)

(1.8)

(2.1)

(2.3)

(-) Rebates

(2.2)

(2.7)

(3.3)

(3.1)

(3.7)

Total Fee Revenues

77.3

81.1

84.6

101.0

92.6

(-) Personnel Expenses

(22.1)

(22.6)

(22.3)

(24.8)

(26.8)

(-) Administrative Expenses

(11.9)

(11.7)

(12.1)

(11.2)

(14.7)

(-) Placement Fees Amortization

(0.7)

(0.5)

Fee Related Earnings (FRE)

42.6

46.1

49.5

64.3

50.5

Realized Performance Fees (After-Tax)

0.8

30.2

(-) Carried interest allocation and bonuses

(10.6)

Performance Related Earnings (PRE)

0.8

19.6

(+) Net financial income/(expense)

(2.9)

(4.0)

(1.0)

(1.8)

(3.3)

Pre-Tax Distributable Earnings

40.5

42.2

48.5

82.0

47.2

(-) Income and other related tax

(3.7)

(3.4)

(1.6)

(3.5)

(4.9)

Distributable Earnings (DE)

36.8

38.8

46.9

78.5

42.4

(-) Deferred Taxes (1)

7.1

3.0

2.8

1.9

2.1

(-) Amortization of intangible assets from acquisition (2)

(8.8)

(8.1)

(9.3)

(8.8)

(7.9)

(-) Equity-based and long-term compensation (3)

(4.8)

(7.3)

(9.4)

(16.5)

(10.1)

(-) Deferred and contingent consideration (4)

(2.4)

(5.5)

(5.4)

(0.8)

(5.8)

(-) Transaction and restructuring cost (5)

(3.7)

(5.7)

(7.4)

(21.9)

(12.6)

(-) Derivative financial instrument gains/(losses) (6)

(3.1)

(0.8)

(0.5)

9.4

1.6

(-) SPAC expenses and transaction costs (7)

(0.3)

(0.1)

0.1

(3.9)

(-) Unrealized financial income/expense (8)

(5.0)

(1.3)

4.9

(3.3)

(7.4)

Net income for the period (9)

15.7

12.9

22.5

34.5

2.3

Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document. 25

IFRS Balance Sheet

(US$ in millions)

December 31, 2025

March 31, 2026

December 31, 2025

March 31, 2026

Assets

Liabilities and Equity

Cash and cash equivalents

53.6

50.9

Client funds payable (2)

25.9

25.4

Short term investments (1)

35.1

36.0

Consideration payable from acquisition (8)

118.5

100.2

Client funds on deposit (2)

25.9

25.4

Personnel and related contributions payable (9)

58.1

46.8

Accounts receivable (3)

118.6

216.8

Taxes payable

12.0

12.4

Project advances

12.3

13.6

Carried interest allocation (10)

19.3

22.1

Other current assets

16.0

15.1

Energy trading contracts (4)

117.5

111.6

Recoverable taxes

9.3

9.0

Commitment subject to possible redemption (1)

Energy trading contracts (4)

133.3

129.3

Other current liabilities (12)

63.7

202.8

Other financial instruments (4)

1.2

Loans (14)

255.1

Current Assets

405.3

496.1

Current Liabilities

415.0

776.4

Accounts receivable (3)

95.4

95.6

Gross obligation under put option (13)

24.6

23.8

Deferred tax assets (5)

20.7

19.8

Consideration payable from acquisitions (8)

66.0

132.4

Other non-current assets

10.1

14.1

Carried interest allocation (10)

8.3

6.7

Long term investments (6)

44.5

47.1

Deferred tax liabilities (5)

52.4

51.0

Investments in associates

Other non-current liabilities (11)

88.1

87.2

Property and equipment

42.4

44.4

Loans (14)

174.9

Intangible assets (7)

824.2

959.9

Energy trading contracts (4)

32.5

33.9

Energy trading contracts (4)

46.2

49.3

Non-current Liabilities

446.7

335.0

Other financial instruments (4)

6.4

6.7

Total Liabilities

861.7

1,111.4

Non-current assets

1,089.8

1,237.0

Capital

Additional paid-in capital

589.4

544.7

Capital reserves (15) Retained earnings

Cumulative translation adjustment

46.6

- (24.3)

72.4

- (1.3)

Equity attributable to the owners of the parent

611.7

603.2

Non-controlling interests (16)

21.7

18.5

Equity

633.4

621.7

Total Assets

1,495.1

1,733.1

Total Liabilities and Equity

1,495.1

1,733.1

Throughout this presentation all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See notes and definitions at end of document. 26

PAX 1Q26 Earnings Presentation

Notes

Notes to Page 4 Patria's First Quarter 2026 IFRS Results

Performance fees are determined in accordance with the funds offering documents and/ or agreements with Limited Partners, based on the expected value for which a highly probability exists that a significant reversal will not occur.

Taxes on revenue represent taxes on services in some of the countries where Patria operates.

Personnel expenses consist of fixed compensation costs composed of salaries and wages, rewards and bonuses, social security contributions, payroll taxes and short- and long-term benefits.

Deferred consideration is accrued for services rendered during the retention period of employees from acquired businesses.

Includes share issuance expenses related to the Initial Public Offering concluded on March 14, 2022, of Patria Latin American Opportunity Acquisition Corp. (ticker PLAO), a Special Purposes Acquisition Company ("SPAC"), and other acquisition related transaction costs including MGA expenses as well as gains/(losses) from energy trading.

Includes earnings and amortization of intangible assets from investments in associates.

Comprise of the fair value adjustments on long-term investments and derivative financial instruments, and acquisition price adjustments, unwinding of considerations payable and gross obligations under put options on acquired businesses as well as foreign exchange variances and interest incurred on credit lines and lease liabilities.

Income tax includes both current and deferred tax expenses for the period calculated based on each jurisdiction's tax regulations.

Represents the non-controlling interest in Patria's subsidiaries.

Notes to Page 10 Net Accrued Performance Fees

Notes to Page 15

Total AUM Roll Forward

Notes to Page 16

Total FEAUM Roll Forward

Others include PE Growth and VC funds, Alturas II, Moneda Private Credit and Infrastructure IV.

Acquisitions reflects the Total AUM for acquired entities as of the end of the quarterly period in which the transaction closed. Impacts to Total AUM in subsequent periods are reflected on the relevant roll forward line items.

Inflows generally reflects fundraising activity in the period.

Funds Capital Variation generally reflects the change in cash-on-hand balances at the fund level during the period. This includes but is not limited to: (i) amounts called from limited partners which has not yet been invested, (ii) amounts received from asset sales which has not yet been distributed to limited partners and (iii) amounts used to pay down capital call financing facilities and (iv) funds received from financing activities at fund level that has been distributed to limited partners.

Acquisitions reflects the Fee Earning AUM for acquired entities as of the end of the quarterly period in which the transaction closed. Impacts to Fee Earning AUM in subsequent periods are reflected on the relevant roll forward line items.

Inflows reflects increases in the management fee basis of our funds related to fundraising, new subscriptions, or deployment dependent on the individual fee terms of each fund.

Notes to Pages 8 G 9 Patria's First Quarter 2026 Earnings and Page 24

Patria's Earnings -5 Quarter View

Taxes on revenue have been adjusted from the comparable line in our IFRS results to remove Taxes on Realized Performance Fees, if any, which are excluded from Patria's Fee Related Earnings.

Placement Fees amortization are recorded on an accrual basis and amortized over the terms of the respective investment funds.

Performance fee payable to carried interest vehicles have been excluded from performance related earnings.

Net financial income/(expense) includes share of equity-accounted earnings, realized gains/(losses) on financial instruments and net gains/(losses) from energy trading.

Income and other related tax represents tax expenses based on each jurisdiction's tax regulations.

PAX 1Q26 Earnings Presentation

Notes

Notes to Page 25 Reconciliation of IFRS

to Non-GAAP Measures

Deferred Taxes are temporary taxable differences mostly from non-deductible employee profit sharing expenses, performance fees, quarterly revaluation of derivatives, intangible assets and considerations payable (IFRS note "Income and other related tax").

Amortization of businesses acquisition costs allocated to intangibles assets, such as contractual rights, customers relationships, brands and non-compete agreements. (IFRS "Amortization of intangible assets" note).

Expenses for equity-based compensation and long-term employee benefits. Additionally, includes IPO's Share based incentive plan, and legacy Strategic Bonus from acquired business. (IFRS note "Personnel Expenses").

Expenses for acquisition costs accruals. (i) Deferred consideration is accrued over retention period of key management from acquired businesses. (ii) Contingent consideration is the fair value adjustment of the earn-out payable. (iii) Unwinding and price adjustments on outstanding considerations payable (IFRS "Personnel expenses" and "Net Financial income/(expense)" notes).

Non-recurring expenses and gains associated with business acquisitions and restructuring. (IFRS "Other income/(expenses)" and "Personnel expenses" notes).

Unrealized gains and losses on warrants issued by the SPAC and option arrangements from acquisition-related transactions. (IFRS "Net financial income/(expenses)" and "Other income/(expenses)" notes).

SPAC general expenses. (IFRS "General and Administrative expenses")" note).

Unrealized gains and losses on long-term investments and unrealized exchange variation.

Reflects net income attributable to owners of the Parent. (IFRS "Condensed Consolidated Statement of Profit or Loss").

Notes to Page 26 IFRS Balance Sheet

Short term Investments are liquid investment funds of private equity and Gov bonds.

Chilean clients' money not available for the Company. Assets and liabilities linked.

Accounts receivable primarily relate to management and performance fees, as well as energy trading receivables. In Q1, Tria traded at a significantly higher volume, resulting in approximately $100 million increase in assets (offset by a corresponding liability; see Note 13).

Financial instruments assets and liabilities mainly relate to fair value adjustments on energy trading agreements. The net between assets and liabilities is $33.1 M as of March 31, 2026.

Deferred Tax assets and liabilities are temporary differences between the accounting balance and tax base of certain assets and liabilities. Main categories include temporary differences on financial instruments, fair value adjustments on assets acquired through business combinations, business combination related expenses and assessed tax losses for future utilization.

The long-term investments predominantly relate to GP commitments into the funds managed by Patria.

Primarily composed of goodwill, contractual rights, non-contractual customer relationships, non-competes, brands from business acquisitions and placement fees.

Payable relate to acquired businesses, including amounts contingent to the business performance over a specific period (earn-outs) as well as deferred consideration payable to employees of certain acquired businesses. Settlement may and /or will be in cash or shares over the next years.

Primarily composed of employee profit sharing and short-term employee benefits.

Carried interest reflect up to 35% of net performance fees receivable to be paid to a carried interest vehicle when collected from certain investments funds.

Other non-current liabilities include $ 69 million payable to a financial institution for PE IV receivable sold.

Includes approximately $100 million related to Tria suppliers (linked to the accounts receivable) and $30 million of management fee received in advance.

Gross obligation relates to put option arrangements from acquisition-related activity of businesses.

Loans include credit facilities utilized as well as accrued interest recognized on outstanding credit facility balances.

Reflects the Class A common shares reserved to settle the share-based incentive plans.

Non-controlling interest represents the minorities' holding mainly in Tria (41%) and BanColombia (49%).

PAX 1Q26 Earnings Presentation

Definitions

Distributable Earnings (DE)

is used to assess our performance and capabilities to distribute dividends to shareholders. DE is calculated as FRE deducted by current income tax

expense, plus net realized performance fees, net financial income/(expenses). DE is derived from and reconciled to, but not equivalent to, its most directly comparable IFRS measure of net income.

Net Accrued Performance Fees

represent an accrued balance of performance fees, which if each eligible investment vehicle were liquidated on the reporting date at current valuations, would be recognized as Performance Related Earnings for Drawdown Funds.

Drawdown Funds are illiquid, closed-end funds in which upfront capital commitments are allocated to investments, and funded through capital calls from limited partners over the contractual life of the fund, which typically ranges from 10-14 years.

Net IRR represents the cash-weighted internal rate of return on limited partner invested

capital, based on contributions, distributions and unrealized fair value as of the reporting date, after the impact of all management fees, expenses and performance fees, including current accruals. Net IRR is calculated based on the chronological dates of limited partner cash flows, which may differ from the timing of actual investment cash flows for the fund.

Fee Earning Assets Under Management (FEAUM)

Fee Related Earnings (FRE)

is measured as the total capital managed by us on which we derive management fees as of the reporting date. Management fees are based on "net asset value," "adjusted cost of all unrealized portfolio investments," "capital commitments,"

or "invested capital" plus "reserved capital" (if applicable), each as defined in the applicable management agreement.

is a performance measure used to assess our ability to generate profits from revenues that are measured and received on a recurring basis. FRE is calculated as management, incentive and other fee revenues, net of taxes, less personnel and administrative expenses, amortization of placement agents and rebate fees, adjusted to exclude the impacts of equity-based compensation and non-recurring expenses.

Performance Related Earnings (PRE)

Total Assets Under Management (Total AUM)

refer to realized performance fees (net of related taxes) less realized performance fee compensation allocated to our investment professionals.

We earn performance fees from certain of our drawdown funds, representing

a specified allocation of profits generated on eligible third-party capital, and on which the general partner receives a special residual allocation of income from limited partners in the event that specified return hurdles are achieved by the fund.

refers to the total capital funds managed or advised by us plus the investments directly made by others in the invested companies when offered by us as co-investments. In general, Total AUM equals the sum of (i) the fair value of the investments of each one of the funds and co-investments; and (ii) uncalled capital, which is the difference between committed and called capital.

Gross MOIC represents the Gross Multiple on Invested Capital and is calculated as the total fair value of investments (realized and unrealized), divided by total invested capital

Incentive Fees are realized performance-based fees which are measured and received on a recurring basis, and not dependent on realization events from the underlying investments.

Disclaimer

Patria Investments Ltd. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 10:11 UTC.